The Equipment Leasing Q

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This month on #BehindYourBusiness, we are putting the spotlight on delicious Mrs. Smith Apple Pies. The traditional desserts, bought frozen, may not come immediately to mind when thinking of the phrase “farm to fork,” but there is a multi-step process involved in bringing these pies to your local grocer.

The process begins with fresh apples from the field and ends with a packaged frozen pie on the shelves of grocery stores across the world. Foodservice packaging equipment is the driving force that moves this process along. Packaging companies must have cleaning and grading equipment, baking and filling equipment, scales, box fillers, volume fills, labeling equipment and packaging equipment.

Equipment is arguably the most important component in bringing Mrs. Smith Applies Pies from the farm, to your fork. If you are a foodservice packaging company interested in financing top-notch equipment, give us a call.

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Cory Damm, our VP of client services, recently penned an article for Craft Brewing Business, advising breweries on how to combat equipment challenges. With his extensive experience in the equipment finance industry and assisting breweries of all sizes with securing equipment at terms that fit their business models, Cory provides tangible and actionable advice in this piece.

Cory outlines the three main equipment challenges facing breweries …

  1. Opening a brewery
  2. Expanding
  3. Adding a new menu item

… details all business aspects involved in each challenge, and outline scenarios where each would occur. Specifically, he highlights LeaseQ borrower, Prestige Brewing, and their journey to opening a brewpub in North Carolina.

In reference to Prestige Brewing’s success with equipment financing, Cory says:

Equipment financing allowed Prestige Brewing to secure all of the equipment needed at terms and pricing that fit into their business model without the significant amount of interest associated with a traditional loan. Prestige was able to decide on the exact brewing equipment they needed to make their dream a reality while keeping funds on hand for unexpected costs.

To read Cory’s article in full, please visit: http://bit.ly/2oaEvxM

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Cory DammName:

Cory Damm

Title:

Vice President – Client Services

Where are you from, originally?

Meredith, NH

How did you find LeaseQ?  

LeaseQ found me. I was two years into bootstrapping a company together that was working on solving the same kind of problems for business owners as LeaseQ. Vernon was getting LeaseQ online and asked if I’d like to team up and get LeaseQ off the ground. I can’t believe it was just over 5 years ago.

What do you like most about working at LeaseQ?

The team of people here; we solve big problems, and often deal with making or breaking someone’s business dream. That can be stressful but the team at LeaseQ always makes it fun to work through the challenges.

Any favorite lender/borrower stories worth sharing?  

One of the most fun deals we did was helping former New England Patriot Isaiah Stanback realize his dream of opening a fitness-training center in Texas. Forbes and Entrepreneur Mag picked up the story and gave LeaseQ some excellent press.

What’s your dream deal for LeaseQ? 

A vendor program that turns 100 $65K sales a month.

What apps/tech/tools do you use on a daily basis?

Salesforce and my iPhone run my life…and I’m ok with that.

Any (other) work or life hacks you’d like to share?

I know this one thanks to David Trost, the Overdrive app, and a card to the Boston Public Library grants you free access to all the audiobooks you’ll ever need.

Favorite movie ever (independent of IMDB ratings):

Ridley Scott’s, A Good Year

Favorite activities when you’re outside the office?

Skiing, Fishing, Climbing Rocks and Fine Wood Working

Fill in the Blank: I’d love to see my coworker _Jim McCarty___ answer these questions.

 

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Happy St. Patrick’s day everyone! As you celebrate with an Irish stout today, take a moment to think about all of the equipment necessary to create this festive brew.

1To make the perfect Irish stout, brewers must have specific equipment to produce the correct taste and consistency of this well-known beer. Additionally, brewers must have the necessary equipment to produce the quantity of beer needed for their audience.

In creating an Irish stout, brewers need: kegs, boilers, kettles, cooling systems, fermentation tanks, storage tanks, filters, piping and tubing, cleaning equipment, refrigeration equipment, tap handles and waste treatment systems. If the brewer is interested in bottling their brew, they will also need bottling and canning lines, conveyors and beer-labeling machines.

As you can see, creating an Irish stout – or any beer for that matter – is a specialized process that requires a multitude of equipment. If you’re dreaming of opening your own brewery or expanding your existing one, give us a call. And have a safe and fun St. Patrick’s Day!

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Our CEO, Vernon Tirey, recently authored an article on the role of equipment finance in the construction industry that was featured in the March issue of Construction Executive Magazine titled, “Beyond the Bank: Manage Cash Flow with Equipment Financing”.

In the article, Vernon discusses the challenges involved in successfully managing cash flow especially in the construction industry where equipment is highly specialized and comes at a steep price. He explains why equipment financing is a savvy business decision that empowers construction companies to secure the equipment they need while managing their cash flow strategically.

Vernon’s four direct advantages of using equipment finance for building and construction are:

  1. Avoiding hidden costs
  2. Preserving cash flow for growth initiatives
  3. Realizing tax advantages
  4. Simplifying accounting

To read the article in its entirety, please click here.

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IMG_0375Name:

Nancy Block

Title:

Directory, Credit and Funding

Where are you from, originally?

Somerville, Massachusetts

How did you find LeaseQ?

My friend, John Caruso, started here in the fall and offered me this opportunity when it became available.

What do you like most about working at LeaseQ?

The fast pace and the people.

What apps/tech/tools do you use on a daily basis?

Salesforce, the LeaseQ dashboard, and the phone.

Favorite movie ever (independent of IMDB ratings):

Cool Hand Luke

Favorite activities when you’re outside the office?

I love to go out to dinner with friends.

Fill in the Blank: I’d love to see my coworker _Cory____ answer these questions.

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This week, our CEO Vernon Tirey’s expert commentary was included in a feature article from PYMNTS on blockchain technology.

The article titled, “Blockchain Tracker: Back to Basics” details the emerging technology and the impact it has and will continue to have on the financial industry. Vernon addresses the impact of blockchain on the $1 trillion equipment financing market.

One piece of commentary from Vernon included in the article is as follows:

Blockchain is huge for financial industries that deal with multi-party transactions. For example, tucked in the corner of finance and FinTech is the $1 trillion industry of equipment financing, quietly handling three-party transactions between small business borrowers, equipment dealers and finance companies every day. Nothing happens unless all three parties are taken care of, and having a tamperproof network in place to authenticate each transaction will have a significant impact on efficiency, not to mention the bottom line.

To read the article in full, please visit: http://www.pymnts.com/blockchain/2017/blockchain-tracker-back-to-basics/

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David TrostName:

David Trost

Title:

Director of Business Development                          

Where are you from, originally?

Barrington, RI

How did you find LeaseQ?

This article in Bostinno: http://bostinno.streetwise.co/all-series/equipment-leasing-site-leaseq-is-a-fintech-startup-to-watch/

What do you like most about working at LeaseQ?

How good ideas are valued.  It’s possible for anyone to contribute to the direction of the company regardless of seniority or experience.

What’s your dream deal for LeaseQ?

My dream deal would be creating a partnership program with a manufacturer captive or a Fortune 500 logistics company.

What apps/tech/tools do you use on a daily basis?

Salesforce, Excel, PowerPoint

Any (other) work or life hacks you’d like to share?

I always try and get to work early to read all of the industry headlines.  It gives me something to talk to clients about during the day and get first hand feedback of their hopes/concerns for where the market is heading.

Favorite movie ever (independent of IMDB ratings):

Inception

Favorite activities when you’re outside the office? 

Check out local breweries/restaurants with my wife Haley.

Fill in the Blank: I’d love to see my coworker_Nancy Block_answer these questions.

 

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In case you haven’t heard, today is National Gourmet Coffee Day! We wanted to celebrate not only by sipping on our coffees, but also by taking inventory all of the equipment that goes into your favorite coffee shop’s latte. Whether you prefer vanilla, peppermint or pumpkin spice, all lattes require specific equipment to create the perfect end result.

Coffee1Coffee shops must have an espresso machine, a refrigerator for milk and a milk steamer to froth the latte. In addition, each store needs shelving for coffee cups and grounds, and point of sale (POS) equipment to create and sell the perfect latte. Multiply that by the number of stores across your favorite coffee shop chain, and that’s a lot of equipment #BehindYourBusiness.

Be sure to make a trip (or two) to your favorite local coffee shop today, and if you’re a coffee shop owner, give us a ring. No matter how you celebrate, happy #NationalGourmetCoffeeDay!

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PatName:  

Pat O’Connor

Title:

Director Business Development (F&B, Franchise & Cannabis)  

Where are you from, originally?

Mattapoisett, MA

How did you find LeaseQ?

I was online looking for interviews and fell in love with the LeaseQ concept and business model. LeaseQ seemed like a great place to make a career and position yourself as a key part of a company’s growth, especially during its early stages. My background is in financial planning and working with business owners, so the transition was pretty easy.

What do you like most about working at LeaseQ?

I like that LeaseQ is a startup company disrupting the marketplace with a very fast-paced work environment. Combining technology and finance to streamline processes in an outdated industry is exciting, and I enjoy the challenge to beat the market and position ourselves as the leaders in equipment finance automation and solutions. Every day is different, with a new project or challenge to overcome, which makes the work week engaging, quick and enjoyable.

Any favorite lender/borrower stories worth sharing?

CutThroat Kitchen winner Jared Forman and NFS Leasing. Helping Jared open his first location in Worcester, MA after winning Food Network’s Cutthroat Kitchen show was incredible. We were able to make his dream of owning a restaurant come true, while navigating and solving concerns about credit and financials.Jared Forman headshot

The most rewarding part of working at LeaseQ is finding equipment financing for customers like Jared, Woops! franchisee Jourdain Ferguson or Crystal Schoggin of Mom’s Kozy Kitchen, who are starting their own business for the first time. They are forever thankful that LeaseQ was able to provide them with financing options to open their businesses and assist in achieving their lifelong dreams.

What’s your dream deal for LeaseQ?

I have a few…

  • To become a wildly successful company and go public in the next five years
  • To partner with Fortune 1000 companies as their primary finance and lender resource
  • To partner with Taffer Consulting or a TV show as their finance division, and gain market share and marketing through our strategic partners

What apps/tech/tools do you use on a daily basis?  

The LeaseQ platform/dashboard and its underwriting engine to pre-qualify customers with a number of lenders. Salesforce to keep track of daily activities and cases that we are working on. Financial calculators to help customers understand the true terms and conditions of their contracts.

Any (other) work or life hacks you’d like to share?

KISS – Keep It Simple Stupid! Also, embrace challenges and accept failure to grow as a professional.

Favorite movie ever (independent of IMDB ratings):

The Usual Suspects

Favorite activities when you’re outside the office?

Golf, Poker, Sports, BBQ/Throwing parties with friends/family

Fill in the Blank: I’d love to see my coworker __David Trost__ answer these questions.

 

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